Bullion traders call bandh on Monday

Traders have demanded immediate reduction in import duty

India Bullion and Jewellers Association Ltd (IBJA) has declared March 10 as ‘black day’ and urged bullion dealers and jewellery retailers to keep shops shut to protest alleged harassment by the customs.

IBJA President Mohit Kamboj said, “Growing burden and harassment from unfair norms announced over the last few years have been very disappointing and demoralising for the gold jewellery exporters across India.”

Recently, many such alleged cases of harassment have been reported not only from the customs at the airport but even from the jewellers’ establishments. Due to the policies, there is less gold jewellery export taking place.

Traders have demanded immediate reduction in the import duty (currently at 10 per cent), halt of unfair seizure of gold and cash, strong action against smugglers and speedy clearance of gold imports.

Gold, silver down

Gold and silver on the Mumbai spot market saw a sharp correction due to rupee appreciation as well as cues from the international market. Gold closed at Rs 30,300 per 10g, down 1.5 per cent. Silver closed at Rs 46,300 a kg, down three per cent from Friday’s close.

Rupee in the last one week saw a sharp appreciation due to a fall in the current account deficit which caused it to move to a three month high and ended the week at Rs 61.09 per dollar.